Abstract: This research analyzes the influence of stakeholder pressure (SP) on manufacturing SMEs’ corporate sustainable performance (CSP) in Vietnam, an emerging economy facing rapid industrialization and sustainability challenges. Based on Stakeholder Theory, Dynamic Capabilities Theory, and the Natural Resource-Based View (NRBV), this research analyzes the mediating roles of corporate social responsibility (CSR), circular economy practices (CEP), and sustainable supply chain management (SSCM) in this relationship. Applying a random sampling method, data were collected from 524 manufacturing SMEs and analyzed through SmartPLS 4. The findings suggest that (1) stakeholder pressure is positively related to corporate sustainable performance and (2) CEP and SSCM are effective mediators in this relationship. These results identify an important stakeholder impact role in leading sustainable business models and also highlight the urgency to embrace circular and responsible supply chain practices. The study is valuable in bringing managerial and policy implications to pave the way toward sustainability for emerging markets.

Keywords: stakeholder pressure, corporate sustainable performance, corporate social responsibility, circular economy practices, sustainable supply chain management, emerging market, Vietnam

Pages: 962-978